Alm. Brand Formue A/S
Alm. Brand Formue A/S – Interim report for the first half of 2011
Alm. Brand Formue A/S 15.08.2011 14:08 --------------------------------------------------------------------------- Copenhagen, 2011-08-15 14:08 CEST (GLOBE NEWSWIRE) -- Highlights of the attached interim report for the first half of 2011 of Alm. Brand Formue A/S: -- The company posted a loss of DKK 26.0 million after tax in H1 2011, against a profit of DKK 35.5 million after tax in the year-earlier period. -- As a result of the H1 performance and the sustained decline in the equity markets, the company lowers its guidance for 2011 from a profit of DKK 35 million after tax to a loss of DKK 35 million after tax. -- The net asset value per share fell in H1 2011 from DKK 110.50 to DKK 97.80, equivalent to a decline of 11.5%. Dividend payments of DKK 6 per share in the first quarter along with a declining equity market in June 2011 were the main reasons for the drop in net asset value. During the same period, the share price fell from DKK 89.00 to DKK 84.50, equivalent to a decline of 5.1%. At 30 June 2011, the price/net asset value was 0.86. -- The equity gearing was 2.8 at 30 June 2011, against 3.0 at 31 March 2011 and 2.4 at 31 December 2010. The equity gearing was lower compared with the first quarter of 2011, as the company expects rising long-term yields in the second half of the year. -- The company posted an aggregate loss on value adjustments of DKK 28.5 million in H1 2011, against a gain of DKK 30.8 million in the year-earlier period. Value adjustments in H1 2011 were impacted by turbulence in the financial markets. -- In accordance with the adopted share buyback programme, commencing on 8 February 2011 and ending on 31 January 2012, the company is buying back own shares. Under the current share buyback programme, the company has bought 53,173 own shares for a total of DKK 4.6 million, corresponding to an average price of DKK 86 per share. Please direct any questions regarding the announcement to Bo Overvad, Chief Executive, on tel. +45 35 47 48 49. Med venlig hilsen Alm. Brand Formue A/S Søren Boe Mortensen Chairman News Source: NASDAQ OMX 15.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Alm. Brand Formue A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010300276 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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